What are the potential benefits of filing a tax return?
Even if you make little to no income and are not required to file a tax return, you likely qualify for payments from the IRS—perhaps totaling thousands of dollars. You are especially likely to qualify for payments if you have children. In order to claim this money, you need to file a tax return.
Filing a tax return may also serve as useful documentation when applying for other benefits, like financial aid for college, or a home loan.
If you make less than $12,500 (or less than $25,000 as a married couple) then you can choose to wait and file a simplified return to claim just the Child Tax Credit, the Earned Income Tax Credit (EITC), and the third stimulus payment using GetCTC.